Optimism Bedrock Upgrade Release Date Revealed

Optimism, a popular layer 2 blockchain, is set to release the long-awaited Bedrock upgrade on June 6 at 16:00 UTC.

The Bedrock release – a complete rewrite of a full rollup – is expected to be the largest upgrade ever released on the OP Mainnet with a focus on lowering fees and improving Ethereum compatibility.

Bedrock promotion

According to the official advertisementthe upgrade will require 2-4 hours of downtime for the OP Mainnet, during which there will be downtime at the chain and infrastructure level while the legacy sequencer boots up and the Bedrock sequencer starts up.

Transactions, deposits and withdrawals will also remain unavailable for the duration, and the chain will not progress. While read access across most OP Mainnet nodes remains online, users may experience a slight drop in performance during the migration process.

Bedrock seeks to improve upon its predecessor by reducing transaction fees with the help of improved batch compression and Ethereum as a data availability layer. It also focuses on shortening the delays in including Layer 1 transactions in the lists by handling their refactoring “safely”. In addition to improving node performance by removing technical debt, it will also enable modular proofing systems via code reuse.

The team in charge of the project stated,

“We couldn’t be more thrilled to bring Bedrock to the OP Mainnet. The protocol team at OP Labs has been working hard for over a year to bring a complete re-engineering of the OP stack to production.”

The development had no impact on the price of its native OP token, which has fallen by nearly 4% in the past 24 hours.

Optimism’s dwindling market share

The move comes as competition intensifies within the Ethereum Layer 2 ecosystem. Optimism has enjoyed its fair share of success, taking an early lead in the space with its optimistic aggregation solutions that offer high compatibility with the Ethereum Virtual Machine (EVM). However, its market dominance has been threatened by EVM-compatible zero-knowledge kits (ZkEVMs), which have recently gained prominence.

optimism to attest There is no significant growth in TVL over the course of the year and it currently hovers around $1.71 billion. Besides the emerging competition from zkEVMs, the hype surrounding Arbitrum’s recent drop could be another factor for the dip in optimism share.

With over $252 million in TVL, the ZKSync Era has rapidly increased its presence across the Tier 2 spectrum. In fact, a general purpose zk-roll-up platform created by Matter Labs get over it Optimism in terms of transactions in May.

Moreover, Polygon zkEVM has also seen an impressive $9.15 billion growth in TVL since its main beta launch in March this year.